QINGDAO, China, Oct. 9 /Xinhua-PRNewswire-FirstCall/ -- Sinoenergy Corporation (OTC Bulletin Board: SNEN), ("Sinoenergy"), a manufacturer of compressed natural gas (CNG) vehicle and gas station equipment and a designer, developer and operator of CNG filling stations in China, is pleased to announce today that its first two CNG filling stations are now open and have begun distributing compressed natural gas to vehicles as of September 30, 2007.
The two stations are located on Changfeng Street and on Baibuting Street of Wuhan City, Hubei Province. Each station has four filling outlets and both are open 24 hours a day, seven days a week. The company has staffed each station with 12 to 14 employees to handle daily operations.
Within the city of Wuhan there are currently 20 CNG filling stations, one central station and a large scale compressed natural gas plant, all of which are in the design and engineering phase. Sinoenergy expects to open these 20 stations over the next six months with a target of 30 CNG filling stations becoming operational by the end of 2008. That number is expected to expand to 50 operational CNG filling stations by the end of 2009.
Wuhan City is the capital of Hubei Province. As the largest city in central China, it has a population of approximately 9,100,000 people (2006), 6,300 buses and 20,000 taxis. Wuhan currently has 4,900 CNG-burning vehicles with a target of transforming 2,500 taxis and buses into CNG-burning vehicles by end of 2007. At least 20 to 30 CNG filling stations will be required to fill those 7,400 CNG-burning vehicles. At this point in time there are less than 10 operational CNG filling stations.
"We are very pleased to have reached this point and we are proud of the achievements of our dedicated team," said Mr. Bo Huang, CEO of Sinoenergy Corporation. "We are now focusing on rapidly expanding our CNG filling station network in Central and South East China. Based on our current plan, we expect to become the largest CNG filling station owner/operator in mainland China by the year 2009."
About Sinoenergy
Sinoenergy is a manufacturer of compressed natural gas (CNG) vehicle and gas station equipment as well as a designer, developer and operator of CNG stations in China. In addition to its CNG related products, Sinoenergy manufactures a wide variety of pressure containers for use in different industries, including the design and manufacture of various types of pressure containers for the petroleum and chemical industries, metallurgy and electric power plants and the food and brewery industries.
Forward-Looking Statements
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For more information, please contact:
Ms. Laby Wu, CFO
Sinoenergy Corporation
Tel: +86-10-8492-8149
Email: labywu@gmail.com
Mr. Crocker Coulson, President
CCG Elite Investor Relations Inc.
Tel: +1-646-213-1915 (New York)
Email: crocker.coulson@ccgir.com
